"You cannot solve a debt crisis with more debt any more than you can fix a drunk with a case of whiskey. Yet that isexactly what we've tried to do both in the United States and internationally. The end point of that process here is exactly the same as it is there. You're getting a preview America, and if you think that a 20% sell-off in the stock market is what we get when it happens here, you're wrong. Try a 90% loss on for size followed by the utter failure of every pension fund and insurance company that has sold annuities - including yours.

Our economic system and quite-possibly our government is finished if we allow this to occur."

"1)Greece is bankrupt. It has been for years. The market has finally stopped being moronic and figure out the obvious (so much for the “efficient” hypothesis).

2)Greece WILL default. This WILL crush German and French banks.

3)The EU in its current form (as well as the Euro) are DONE.

4)The US banking system is similarly fragile and on the verge of collapse.

5)The US economy is in a DE-pression and rolling over in a big way AGAIN. All the economic data is being massaged to look better than it is. Look around you, does the economy look OK to you?

6)The US Government is broke. Obama’s jobs plans is absurd. Where’s the money going to come from?

7)Bank of America (as well as the other TBTFs) is insolvent. The only reason they’re still in business is rampant fraud, lies, and theft. What’s happening in Greece is coming to them soon.

8)The Federal Reserve has lost control of the markets. QE 3, IF it comes, will achttp://www.blogger.com/img/blank.gifcomplish nothing. Bernanke will be stepping down within 18 months and possibly facing legal battles."